"Examining the latest earnings from Telesat...
Mixed Results. Revenue declined 21%, and AEBITDA dropped 28%, Impacted by a lower renewal on Nimiq 4. However, results exceeded the consensus by 2% on revenues and 16% on AEBITDA. 
 Q4 Step-down. Echostar/Nimiq 5 renewal cut capacity by half and revenue to one-third vs prior levels. Redirecting capacity to Canadian customers is unlikely to fully offset DISH losses ($14-15M per qtr).